Retirement and Pension Provisions in the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) [April 1, 2020]   [open pdf - 433KB]

From the Document: "Congress provides a variety of tax incentives for employers to offer retirement plans and for individuals to save for their retirement. In addition, a number of restrictions exist to ensure that retirement funds are used for retirement purposes. The Coronavirus Aid, Relief, and Economic Security Act (CARES Act; P.L. 116-136) contains several provisions that affect pensions, retirement plans, and Individual Retirement Accounts (IRAs). Among other provisions, the CARES Act includes an exemption to the 10% tax penalty for early withdrawals from retirement accounts for individuals affected by COVID-19 [coronavirus disease 2019], one-year relief from Required Minimum Distributions (RMDs) for all retirement plan account holders, and a delayed due date for employer contributions to private-sector defined benefit (DB) pension plans."